Sunday, 14 September 2014
Last updated 2 days ago
Oct 30 2012 | 12:55pm ET
With New York City and its surrounding area still reeling from the impact of Hurricane Sandy, the New York Stock Exchange said it planned to open as normal tomorrow.
"As of now, we are shooting hard to open tomorrow and fully expect to do so," NYSE Euronext chief operating officer Larry Leibowitz said. The company is also testing its contingency plan "just in case" it is unable to open at 9:30 a.m.
The Big Board looks to be about the only thing that will reopen in Manhattan tomorrow, and could do so in a dark, deserted area. Lower Manhattan was among the hardest-hit areas, with power outages and floodwaters lapping at the end of Wall Street. Schools will remain closed tomorrow and the city's subway system could remain out of service until next week. In addition, commuter rail lines serving the city's suburbs, home to many Wall Street employees and hedge funds, suffered serious damage. Several of the vehicular tunnels into Manhattan are also flooded and could be out of service for days, and the region's airports remain closed.
Indeed, the worst-hit parts of the tri-state area may well be the suburban areas of Long Island and New Jersey. Beach communities in both areas were devastated by Sandy's storm surge, and almost all of Long Island remains without power. More than one million customers along the key stretch of New Jersey from Philadelphia to New York are without electricity, and hundreds of thousands of customers in New York City are also without lights. All told, some six million people are without electricity as a result of Sandy.
At least 26 people were killed by the storm, including at least 10 in New York City.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?